Sanofi India Ltd announces Slump Sale and transfer of the Nutraceuticals business

The Board of Directors of Sanofi India Limited (the Company) had at its meeting held on 27th July 2021 approved a transaction for the slump sale and transfer of the Company's Nutraceuticals business, on a going concern basis to Universal Nutriscience Private Limited (Universal Nutriscience) for a consideration of Rs. 5,870 million including debt like obligations (such as retirals and provision for sales returns), subject to customary working capital adjustments and post-closing adjustment in connection with certain contractual arrangements between the parties. The company had also announced that the completion of this transaction is anticipated within three months, subject to fulfillment of conditions as set out in the Business Transfer Agreement.

After completion of conditions precedent as per Business Transfer Agreement, the transaction has been closed on 30th September 2021. After the working capital adjustment on the closing date, the total consideration for the transaction has been calculated at Rs. 5,876.40 million. The Company has received the final consideration of Rs. 5,876.40 million on the closing date. This is subject to a customary postclosing working capital adjustment in accordance with the terms of the Business Transfer Agreement.

Shares of Sanofi India Ltd was last trading in BSE at Rs. 7784.7 as compared to the previous close of Rs. 7871.3. The total number of shares traded during the day was 1445 in over 714 trades.

The stock hit an intraday high of Rs. 7914.05 and intraday low of 7773.45. The net turnover during the day was Rs. 11267310.

Source : Equity Bulls

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